Strategic and Budgetary

“The money saved from a properly implemented auto enrolment strategy will cover the costs of implementing that strategy many times over”

Our Strategic and Budgetary Auto Enrolment Service aims to help employers reach a speedy and effective resolution to the key auto enrolment challenges:

  • How do we tackle auto enrolment?
  • What do we want to achieve?
  • When do we want to take action? (And what timetable should we run to?)
  • How will we comply?
  • Will we use our existing pension plans?
  • Do we need a new pension plan or plans?
  • How can we control indirect costs?
  • What can be done to best align employer contributions (being paid into employees’ pensions) with business strategy?

The creative approach to these key challenges is brilliantly straightforward:

Creative Benefits will first of all seek to understand all of your aims and conduct a full audit of existing pension plans to assess current status, identifying in the process any ‘gap filling’ needed to enhance existing plans to meet the new requirements for employers.

We will then report and consult on a strategy to deal with these key challenges. Both stages may require several meetings with key decision makers and with our expert Consultants.

Employers can appoint us to provide this service in isolation or with continuing consultancy and services. For example, we may be appointed to create an over-arching strategy while other service providers are managing day-to-day existing pension arrangements. Or, we can be appointed to provide a complete service embracing all aspects of employee pensions and benefits.

Further Details

With the creative approach we take the time to listen and understand our clients’ needs and objectives. There may be a number of broad objectives, such as ensuring pension strategy is consistent with the employer’s business strategy, culture and ethos.

There will be budgetary issues for all employers, but they can all be different. Getting to grips with the challenges for each employer, we will consult, aid development and finalisation of a strategy to suit. While some employers will be seeking to minimise all costs, others may prioritise maximising reward for selected employees.

The indirect costs of complying with the new rules and regulations could also mount up, so it is important that these hidden costs are considered and tackled along with the direct costs.

The demographics of an employer’s workforce may also inform and guide the most appropriate strategy. Will all employees be able to access online/electronic communications? Would some employees be best advised to opt out? (And, given that employers must beware any form of coercion to do so, how would such employees be informed and supported in the real world?)

There is no ‘one size fits all’ approach – at least, not with us!

We appreciate that some employers will need a lot of information and support as well as strategic input. Our Consultants are ready to help by attending meetings, preparing minutes, reports and giving Board presentations as required.

How much will the service cost?

Our Strategic and Budgetary Auto Enrolment Service is available on either a fixed cost or on a time-costed basis. For employers choosing the fixed cost route, all services to be provided for the fixed fee will be agreed at the outset. In both cases, we will quickly quantify costs, but, as these will vary substantially by employer, no guide rate can be given.